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Petrobras Sets Record of 1 Million bpd Oil Exports

Petrobras Sets Record of 1 Million bpd Oil ExportsPetrobras Sets Record of 1 Million bpd Oil Exports

Brazil’s Petrobras set a new oil exports record of 1 million barrels per day in April, as domestic demand plunged, the state-controlled oil firm said on Monday, days after a large group of other oil producers, OPEC+, began a 9.7-million-bpd collective cut aimed at rebalancing the market.
Brazil is not part of the OPEC+ group and hasn’t pledged formally any cuts. Petrobras set its previous oil export record back in December 2019. Back then, the company exported 771,000 bpd, Oil Price reported.
From January to April, China was Petrobras’s top export market, with 60% of all oil sales.
The company is following the international situation closely and is assessing all markets, Chief Refining and Gas Natural Officer, Anelise Lara, said in a statement. 
Petrobras expects to continue its good exports performance, thanks to the recovery of demand in China, Lara added.
While Petrobras is boasting record oil exports, it has reduced its oil production in response to the low oil prices. 
Petrobras has also started shutting down production at 62 offshore platforms in the shallow waters off its coast.

 

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